LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement intelligence advisory firm, has announced the release of their ‘Payments Processing Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the financial services industry. This report breaks down the data and analysis behind the procurement of payments processing and acts as an all-inclusive guide for making smart purchasing decisions.
“The demand for payment processing is highly dependent on the increasing adoption of online and card payments by merchants who process transactions,” says SpendEdge procurement analyst Tridib Bora. “Also, key regions such as North America is witnessing the demand for payment processing, owing to the increasing adoption of mobile wallets,” added Tridib.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Payments Processing Market:
- Increase in use of mobile wallets
- On-demand economy leading to process payment transactions at a faster rate
- Increasing adoption of fingerprint scanning to make payments
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Increase in use of mobile wallets
In the recent years, mobile wallets have been witnessing a promising growth. The rise in the use of mobile wallets will drive the growth of global payments. Also, the utilization of mobile wallets helps the buyers process transactions at a faster TAT.
On-demand economy leading to process payment transactions at a faster rate
The growing demand from the retail and hospitality industries to deliver purchases will lead to an on-demand economy. This helps the leading suppliers to make the processing faster within the payment ecosystem.
Increasing adoption of fingerprint scanning to make payments
In the payment processing market, the suppliers are providing fingerprint scanning systems. This further allows the merchants to use a fingerprint scanner at the cash register to accept payments. In addition, this also helps the merchants collect cardholder’s information.
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